- 23 -
petitioners’ contentions at this time. Suffice it to say the
issue before us is whether petitioners complied with the
substantiation requirements of the regulations. Petitioners’
allegations, even if they are true, do not affect the resolution
of this issue.
D. The Gain From the Sale of the Development Rights
Finally, in the notice of deficiency respondent determined
an unreported capital gain of $96,420 resulting from the sale of
petitioners’ development rights. Although petitioners assert
that no gain resulted from the sale, they have failed to prove
that the material facts are not in dispute. Accordingly, this
issue is not appropriate for summary judgment. See Rule 121(a)
and (b); Naftel v. Commissioner, 85 T.C. at 529.
Conclusion
We conclude that petitioners did not comply with the
regulations and, therefore, are not entitled to a noncash
charitable contribution deduction. In reaching our holding, we
have considered all arguments made, and, to the extent not
mentioned, we conclude that they are moot, irrelevant, or without
merit.
Reviewed and adopted as the report of the Small Tax Case
Division.
To reflect the foregoing,
An appropriate order will be
issued.
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